Pistoles and escudos #23: Sales force stops rising 📉

Pistoles and escudos #23: Sales force stops rising 📉

Yesterday we said that a range was being formed for the price to reach $13800. Is it going to reach these levels? Most likely, yes, but not for now. I am forced to look at the price from further away to better decipher what is happening, however I have a preference for short-term analysis because I like to know what may happen in the next few hours, but for today, I think we need to widen the horizon.

From the daily time frame we can discern that the major trend is still bullish but the pause in the ascent is not over, therefore I am inclined to think that there is still time to finish developing this trading range between $9000 and $13000. The indicators coincide with a bullish stance in terms of trend but despite this, the buying power is not present at this time to continue raising the price. An analysis in this temporality requires more waiting time to observe the results, but it is important to observe what is projected in the following days.

Daily chart of BTC/USD

With regard to dominance, it continues to rise and we already know what this means: alcoins money is coming out to become Bitcoins which is reflected in a massive fall of those in front of this. However, we have also seen that all the alcoins money is decreasing, the market capital is decreasing which means that there is a group of participants who are selling and safeguarding their capital in fiat or traditional currency. The result: most alts lose value against both BTC and dollar (or Euro, Yen, etc). Practically everything in red.
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